The PricewaterhouseCoopers Global (PwC) network has maintained its position at the top of the Big Four hierarchy. Worldwide gross revenues of its network of firms increased 14.4 percent at variable exchange rates, to a record $25.2 billion for the fiscal year ended 30 June 2007.
The gap between PwC and its closest rival, Deloitte Global, has remained relatively constant, with PwC increasing its lead by a fraction. Deloitte reported that aggregate member firm revenues increased by 15.5 percent in US dollars, to $23.1 billion for the fiscal year ended 31 May 2007. This put it $2.1 billion behind PwC in terms of revenue.
In comparison, for the fiscal years ended in 2006, PwC recorded $22 billion, a $2 billion lead on Deloitte’s $20 billion.
Ernst & Young Global and KPMG International are yet to release their figures for the most recent fiscal years. In 2006, Ernst & Young reported combined network revenue of $18.4 million and KPMG reported revenue of $16.9 million.
For the most recent fiscal year, Deloitte reported that every service line and geographical region delivered double-digit growth. The firm’s financial advisory services increased 25.2 percent to $1.9 billion, consulting and tax services each grew 16.5 percent to $5.2 billion and $5 billion, respectively, and audit services grew by 13.1 percent to $11.1 billion.
PwC reported that its strongest-growing regions were India, China and the Middle East. Its advisory service line increased 14.6 percent to $5.7 billion, global tax revenues increased by 15.1 percent to $6.3 billion.
The service line that recorded the slowest growth for both Deloitte and PwC was assurance. Both firms said this was to be expected due to predicted lower demand in work associated with IFRS and Sarbanes-Oxley implementation.